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74254PUT7
 

 

 

 

 

 

 

 

Pricing Supplement Dated

 

11/13/2007 

 

Filed pursuant to [X] Rule 424(b)(2) [ ] Rule 424(b)(5) 

(To Prospectus dated February 16, 2006, and  

 

Registration Statement No.

 

333-129763 and 

Prospectus Supplement dated February 16, 2006) 

 

 

 

333-129763-01 

 

 

 

 

 

 

 

 

 

 

 

CUSIP: 74254PUT7

(PRINCIPAL FINANCIAL GROUP LOGO)

Principal Life Insurance Company
Principal® Life CoreNotes® (Callable) (That are also Asset-Backed Securities) Issued Through and Obligations of
Principal Life Income Fundings Trust 2007-114 (the "Trust" and "Issuing Entity")

The description of this pricing supplement of the particular terms of the Principal® Life CoreNotes® offered hereby, and the Funding Agreement (specified below) issued by Principal Life Insurance Company (“Principal Life”) to the Trust, the payment obligations of which are fully and unconditionally guaranteed by the Guarantee (specified below) issued by Principal Financial Group, Inc. to the Trust, supplements the description of the general terms and provisions of the notes, the funding agreements and the guarantees set forth in the accompanying prospectus and prospectus supplement, to which reference is hereby made..

1. The Notes

 

 

 

 

 

 

 

 

 

 

 

Principal Amount:

 

 

TBD 

 

 

Purchasing Agent Discount:

 

2.000% 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issue Price:

 

 

100.0% 

 

 

Original Issue Date:

 

11/21/2007 

 

 

 

 

 

 

 

 

 

 

 

Net Proceeds to the Trust:

 

 

TBD 

 

 

Stated Maturity Date:

 

11/15/2022 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Payment Dates:

 

The 15th day of every sixth month commencing on 05/15/2008 

 

 

 

 

 

 

 

 

 

 

 

Initial Interest Payment Date:

 

5/15/2008 

 

 

 

 

 

 

 

 

 

 

 

Regular Record Date:

 

15 calendar days prior to the Interest Payment Date 

 

 

 

 

 

 

 

 

 

 

 

Type of Interest Rate:

 

[X] Fixed Rate 

 

[ ] Floating Rate 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate:

 

5.80% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount Note:

 

[ ]Yes      

 

[X] No 

 

 

 

 

 

 

 

 

 

 

 

 

 

Terms of Survivor’s Option:

 

 

 

 

 

 

Annual Put Limitation:

 

 

 

[X] $2,000,000 or 2%; or 

 

 

 

 

 

 

 

 

[ ] $_______ or __% 

 

 

 

 

Individual Put Limitation:

 

 

 

[x] $250,000; or 

 

 

 

 

 

 

 

 

[ ] $______ 

 

 

 

 

Trust Put Limitation:

 

 

 

[X] 2%; or
$______

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redemption Provisions:

 

[X]Yes  

 

[ ] No.     

 

If Yes,

 

 

 

 

Initial Redemption Date:

 

11/15/2010 

 

 

 

 

Redemption:

 

[X] In whole only and not in part  

 

 

 

 

 

 

 

 

[ ] May be in whole or in part 

 

 

 

 

 

 

Additional Other Terms:

 

Any redemption date will be an Interest Payment Date falling on or after the Initial Redemption Date 

 

 

 

 

 

 

 

 

 

 

 

Repayment:

 

[ ]Yes      

 

[X] No.  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Authorized Denominations:

 

$1,000 

 

 

 

 

“Principal®” is a registered service mark of Principal Financial Services, Inc. and is used under license.
“CoreNotes®” is a registered service mark of Merrill Lynch & Co.

 

 

Ratings:

     The Notes issued under the Program are rated AA by Standard & Poor’s (“S&P”).

     Principal Life expects the Notes to be rated Aa2 by Moody’s Investors Service, Inc. (“Moody’s”).

 

 

 

 

 

 

 

Purchasing Agent(s) Purchasing Notes as Principal:

 

[X] Yes 

 

[ ] No 

 

If Yes,

 

 

 

 

 

 

Purchasing Agent(s)

 

 

Principal Amount

 

Merrill Lynch

 

 

TBD 

 

 

 

 

 

 

 

 

 

Total:

 

 

TBD 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State of Organization of the Trust:

New York

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional/Other Terms:

None 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2. The Funding Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funding Agreement Issuer:

Principal Life Insurance Company 

 

 

 

 

 

 

 

 

 

Funding Agreement No.:

6-14897 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposit:

 

$15.0 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Deposit:

TBD 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective Date:

11/21/2007 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stated Maturity Date:

11/15/2022 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Payment Dates:

 

The 15th day of every sixth month commencing on 05/15/2008 

 

 

 

 

 

 

 

 

 

Initial Interest Payment Date:

 

5/15/2008 

 

 

 

 

 

 

 

 

 

Type of Interest Rate:

 

[X] Fixed Rate 

 

[ ] Floating Rate 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate:

 

5.80% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discount Funding Agreement:

 

[ ]Yes       

 

[X] No 

 

 

 

 

 

 

 

 

 

 

 

 

 

Terms of Survivor’s Option:

 

 

 

 

 

 

 

 

Annual Put Limitation:

 

 

 

[X] $2,000,000 or 2%; or 

 

 

 

 

 

 

[ ] $_______ or __% 

 

 

Individual Put Limitation:

 

 

 

[x] $250,000; or 

 

 

 

 

 

 

[ ] $______ 

 

 

Trust Put Limitation:

 

 

 

[X] 2%; or
$______

 

 

 

 

 

 

 

 

 

 

 

Redemption:

 

[X]Yes  

 

[ ] No.     

 

If Yes,

 

 

Initial Redemption Date:

 

11/15/2010 

 

 

Redemption:

 

[X] In whole only and not in part   

 

 

 

 

 

 

[ ] May be in whole or in part 

 

 

 

 

Additional Other Terms:

 

Any redemption date will be an Interest Payment Date falling on or after the Initial Redemption Date 

 

 

 

 

 

 

 

 

 

 

 

Repayment:

 

[ ]Yes      

 

[X] No.  

 

 

 

 

 

 

Ratings:

The Funding Agreement issued under the Program is rated AA by S&P. 
Principal Life expects the Funding Agreement to be rated Aa2 by Moody's.

 

 

 

Additional/Other Terms:

None 

 

 

 

 

3. The Guarantee

 

 

 

 

 

Guarantee Issuer:

Principal Financial Group, Inc. 

 

 

 

Effective Date:

11/21/2007 

 

 

 

Additional/Other Terms:

None